Friday, November 22, 2024

Crude Oil Price News

Hess reports a quarterly profit increase as Guyana's oil production remains strong

Hess Corp, a leading oil producer in Guyana, beat expectations for the third quarter profit on Wednesday. The Guyana assets have been at the heart of a dispute between Exxon and Chevron that has delayed Chevron’s $53 billion purchase of Hess. Hess agreed on the buyout in October last year, but Exxon has challenged the deal. They claim a right over the company's Guyana-based assets.

US fuelmakers report lower profits in Q3 due to weaker margins and fuel demand

Energy analysts predict that the third quarter profits of U.S. refiners will be lower than last year due to a decline in margins, as fuel demand has slowed and more refining capacity is coming online. After the pandemic, and Russia's invasion in Ukraine, which boosted margins at record levels, refiners are now reversing their favorable pricing and high demand. The difference between the product price and the crude oil price for U.S.

Palm oil prices rise on speculation and short-covering

Malaysian palm futures were up on Monday due to a combination speculative purchases and short covering. However, gains were limited by the lower crude oil price. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery rose 22 ringgit or 0.51% to 4,372 Ringgit ($1,018.88). The contract gained 2.76 % in the previous session. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.

Palm reverses losses due to higher crude oil prices

Malaysian palm futures recovered from early losses and ended higher for the second session in a row on Monday, due to higher crude oil price. The benchmark palm-oil contract for December delivery at the Bursa Derivatives exchange ended the session with a gain of 1.05%, ending the day at 4,345 Ringgit ($1,015.66) per metric ton. Earlier in the morning it had fallen as low as 4,247 Ringgit. The contract gained 3.87% in the last two sessions.

Energy prices are falling, putting pressure on big oil's huge payouts

Analysts said that major energy companies will borrow billions of dollars to maintain payouts to shareholders or reduce the rate of share purchases in response to a decline in oil prices following more than two years' bumper profits. Since decades, the majors have attracted investors with their promises of steady payouts. However, the shift to low-carbon energy has cast doubt on the long-term prospects of the industry.

Morgan Stanley lowers Brent crude oil price forecast as market signals softening demand

Morgan Stanley cut its Brent crude forecasts for the coming quarters on Monday and said that the global oil market was facing a period similar to recessions when demand is weak. Brent crude futures reached their lowest level since December 2021 at $71,06 on Friday. Brent crude was trading at around $71.74 per barrel by 1026 GMT. Morgan Stanley stated that the rising fuel inventories and lower refining margins…

Repsol Increases Low-carbon Targets to Accelerate Energy Transition

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Spain's Repsol has hiked its 2030 capacity target for renewable energy generation by 60% and made a new pledge on cutting emissions from its oil and gas business, in the latest attempt by an energy group to limit its role in climate change.Facing pressure from investors, banks and governments to cut carbon emissions in line with the 2015 Paris accords, European oil and gas companies…

China Crude Processing Spikes to All-time High

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Chinese refinery crude oil throughput has reached its highest level ever, with total processed volumes up 12% in the first five months of this year compared to 2020, and up 10.9% from the same period in 2019. In total 292.7m tonnes have been processed so far this year according to the National Bureau of Statistics China.Despite the 12.0% growth in crude oil processing, Chinese crude oil supply…

OPINION: Drowning in Oil, Regulatory Measures to Keep Prices Afloat

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These days history seems to be in the making on a daily basis. On April 20, 2020, the price of the NYMEX West Texas Intermediate Sweet Crude Oil (WTI) futures contract for May delivery plunged into the negative, forcing sellers to actually pay customers for taking the crude oil off the sellers’ hands. The historic drop came a little over a month after Russia and Saudi Arabia initiated crude oil price war…

Shell Eyes Dividend Boost After 2020

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Royal Dutch Shell on Tuesday said it expects to increase its dividend payouts to shareholders once it completes a $25 billion share buyback by the end of 2020.The world's second largest oil and gas company also expects its free cash flow - cash available to pay for dividends and share buybacks - to rise to around $35 billion per year by 2025 at a Brent crude oil price of $60 per barrel.That compares with $28-33 billion in free cashflow it expects to deliver by the end of next

BP to Invest $1.8 bln in Egypt

BP Chief Executive Bob Dudley on Monday said the company will invest about $1.8 billion in Egypt this year and he expects a crude oil price of $50-65 a barrel over the next year.Dudley added that the current oil price is healthy and fair and that the market feels balanced.(Reuters, Reporting by Nadine Awadalla and Aidan Lewis; Writing by Eric Knecht and Yousef Saba; Editing by David Goodman)

U.S. Crude Oil Stockpiles Dip, Gasoline Builds - EIA

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U.S. crude oil stockpiles last week fell less than expected, while gasoline inventories increased and distillates stocks fell, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.2 million barrels in the week to Dec. 7, compared with analysts' expectations for a decrease of 3 million barrels.The crude drawdown was also short of an over 10 million-barrel…

Now you see it, now you don't: oil surplus vanishes ahead of Iran deadline

An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.Iran's oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil.The millions of unsold barrels of crude that had pooled around northwest Europe…

Morgan Stanley Raises Brent Forecast

Morgan Stanley has raised its Brent crude oil price forecasts saying strong demand for middle distillates will drive up oil prices over the next two years. Oil benchmarks on Wednesday remained close to their November 2014 highs hit on Tuesday, as ongoing production cuts by OPEC and the prospect of U.S. sanctions against Iran tightened the market amid strong demand. Morgan Stanley said demand for middle distillates…

Oil Dips on Trump's Latest China Trade Talk

Trump threatens tariffs on $100 bln more of China trade. Oil prices fell on Friday after U.S. President Donald Trump's threat of new tariffs on China reignited fears of a trade war between the world's two biggest economies. Trump said on Thursday he had ordered U.S. trade officials to consider tariffs on an extra $100 billion of imports from China, escalating tensions with Beijing. "There is a risk for oil prices that China uses the bazooka option it has on U.S.

Shell Bets on Petrol Stations as Electric Revolution Looms

Shell to build 10,000 new petrol stations by 2025 with China, India and Mexico as primary growth targets. Royal Dutch Shell is placing a big bet on petrol stations and convenience stores in China, India and Mexico as it looks to shore up profits during the electric car revolution. By 2025, the oil and gas giant plans to grow its global network of roadside stations by nearly a quarter to 55,000, targeting 40 million daily customers, Shell said in a statement on Wednesday.

Nigerian Gasoline Shortages Persist

Nigeria's state oil firm said on Tuesday it had spent $5.8 billion on fuel imports since late 2017, as it combats a fuel shortage that has left people queuing for hours at filling stations and hobbled an already-struggling economy. "The corporation's intervention became necessary following the inability of the major and independent marketers to import the product because of the high landing cost which made cost recovery and profitability difficult…

Oil Edges Higher on Forties Pipeline Casualties

Forties pipeline declares force majeure as OPEC cuts also support oil markets. But rising U.S. output continues to weigh on market. Oil prices edged up on Friday, lifted by the Forties pipeline outage in the North Sea, ongoing OPEC-led production cuts and a decline in global stocks, although rising U.S. output kept a lid on markets. U.S. West Texas Intermediate (WTI) crude futures were at $57.37 a barrel at 1137 GMT, up 33 cents, or 0.58 percent, from their last settlement.

OTC Snaps up Rival Oil Brokerage as Consolidation Heats Up

Commodities broker OTC Europe has agreed to purchase rival Oil Brokerage in the latest consolidation in a sector squeezed by rising competition and smaller margins. OTC Europe, a subsidiary of OTC Global Holdings, said it concluded its purchase of Oil Brokerage, a 29-year-old, London-based firm with some 70 staff, on Tuesday in an effort to expand its global footprint. "They're very big in areas we simply just weren't in yet…

Alberta Sees Lower Revenues on Weak Oil Prices

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Canada's largest crude-producing province Alberta downgraded its 2017-18 revenue forecast on Wednesday because of lower-than-expected oil prices that have battered the once-booming economy. In a first quarter update the government said total revenues are likely to be C$44.4 billion this fiscal year, C$648 million lower than expected in the annual budget, and downgraded its U.S. crude oil price assumption to $49 a barrel from $55 a barrel. U.S.